As I continue to grow in my business, I am beginning to experience more and more the benefits of running my own business that I want to share with you. Take a look on what I have found.
Some people know from an early age they were meant to own their own business. Others find themselves starting a business due to life changes (parenthood, retirement, losing a job, etc.). Others may be employed, but are wondering whether the role of business owner/entrepreneur is right for them. There are a number of benefits to starting a business, but there are also risks that should be evaluated.
There can be many benefits to starting your own business, including:
- Rewards. Not everyone defines reward the same way. For some it might be seeing a new venture grow and succeed. For others it may be conquering the unknown and striking out on their own. However you define reward, starting a new company might hold that promise for you.
- Being your own boss. When you start a business and are self-employed, you are your own boss and ultimately control your own destiny.
- Income. Whether you view starting a business as an economic necessity or a way to make some additional income, you might find it generates a new source of income.
- Flexible hours. Owning your own business is hard work and often requires long, odd hours. In some cases, having your own business may allow you to have more flexible hours. Many stay-at-home parents, for example, choose to become entrepreneurs.
- Purchasing an existing business. While it may not be viewed as “starting” a business, purchasing an existing business has proven beneficial for many business owners—but it undoubtedly requires both financial and time investments. For businesses that are already profitable, these new business owners jump past the true startup phase into running a mature business.
If you’re an entrepreneur you have heard the million reasons not to go into business: It’s too risky, you might go into debt, you’ll probably lose sleep, your social life is kaput, and the list goes on. But even with all these uncertainties, people are still attracted to the startup world. There are just as many, if not more reasons to take the leap and go start your own business. Here are just a few:
Tax benefits. For entrepreneurs (freelancers included), they have the opportunity to take advantage of some nice tax perks. Many can write off expenses like travel, food, phone bills, portions of car payments, and the list goes on. Also, certain startups qualify for government incentives. Make sure to ask your accountant about what tax benefits you may be eligible for.
Pride. When you build something successful, it’s a great feeling. You had a vision, were able to execute it and not can reap the benefits of saying "I did this." On the other hand, it’s tough to be proud of the zillionth request for proposal you fill out for your employer.
Your posterity. If you’re a doctor, plumber or bus driver it’s hard to imagine you passing your career on to your loved ones. But if you own your own business, that’s something you can pass on to the next generation. And be proud of it, because you created it.
Job security. Have you ever been laid off, downsized, or fired? If you have, you get this. With entrepreneurship the security lies in the fact you are your own boss. You run the show and don't have to worry about getting let go.
Your reason. I’ve given you a list of why I think you should get into business. But all that really matters is your reason to start your own business. So, what is it?
There must be some reason why some 600,000 new businesses are founded each year, right? Well, based on an informal survey conducted by Inc.com, there are plenty of good reasons to run your own small business. Nearly 500 (462 to be exact) small business owners responded to the survey in which they were asked to name some of the reasons why they prefer to own their own small business as opposed to working as an employee for a larger company. What follows is a list of the 10 most common responses along with thoughts from some of the entrepreneurs who sent them (along with thanks to everyone who participated).
1. You Control Your Own Destiny
1. You Control Your Own Destiny
2. You Can Find Your Own Work/Life Balance
3. You Choose the People You Work With
4. You Take on the Risk – And Reap the Rewards
5. You Can Challenge Yourself
6. You Can Follow Your Passion
7. You Can Get Things Done – Faster
8. You Can Connect With Your Clients
9. You Can Give Back to Your Community
10. You Feel Pride in Building Something of Your Own
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